Goldman Sachs JUST U.S. Large Cap Equity
ALTAR
Score™
5.6% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
19.2x P/Sales
ratio
2.3x
P/BV
ratio
3.3x Div.
yield
1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
JUST tracks a tier-weighted index of US-listed large-cap stocks selected based on a survey-based assessment of business behavior.

FUND BASICS
Category US Equities
Fund Sponsor Goldman Sachs
Website www.gsam.com
Inception date Jun 07, 2018
Assets (mns) $142
Currency USD
Expense ratio 20 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 427
Wgt avg mkt cap (mns) $303,876
Large cap (>$10bn) 96.8%
Mid cap ($2-10bn) 3.2%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 4.7 %
MICROSOFT CORP 4.5 %
AMAZON.COM INC 3.3 %
JPMORGAN CHASE & CO 2.1 %
FACEBOOK 1.9 %
JOHNSON & JOHNSON 1.6 %
PROCTER & GAMBLE CO/THE 1.6 %
VISA INC-CLASS A SHARES 1.6 %
ALPHABET INC. CLASS C 1.5 %
ALPHABET INC. CLASS A 1.5 %
Total 24.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.9 %
IRELAND 1.9 %
BRITAIN 0.4 %
SWITZERLAND 0.4 %
BERMUDA 0.1 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
27.9% 16.2% -- -- 12.5%

Market Correlations
versus... Beta R-squared
S&P500 1.02 100%
MSCI EAFE 1.09 80%
MSCI Emg. Mkts. 0.84 66%

Technical Indicators
Recent close $44.84
30d moving avg. $44.36
Annualized volatility 16.4%
Short interest (ETF) 0.3%
Relative strength (RSI) 69

Liquidity measures
Avg. volume (thou.) 7
Turnover 0.2%
Bid/Ask (% of price) 0.11%
ADV underlying (mns) $124,523

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Goldman Sachs JUST U.S. Large Cap Equity ETF based on the alternatives' overlap in portfolio holdings with JUST. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: JUST Expense: 20 bp ALTAR Score™: 5.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH JUST
Ticker Fund
Name
Overlap1
vs JUST
(%)
Expense
ratio
(bp)
Savings
vs JUST
(bp)
ALTAR
Score™
(%)
ALTAR
vs JUST
(%)
MGC Vanguard Mega Cap 300 ETF 83.2 7 13 5.8 +0.2
PBP Invesco S&P 500 Buy/Write 82.8 49 -29 5.5 -0.2
HSPX Global X S&P 500 Covered Call 82.0 65 -45 5.3 -0.3
IWL iShares Russell Top 200 81.8 15 5 5.7 +0.1
SPY S&P 500 SPDR 81.7 9 11 5.9 +0.3
IVV iShares Core S&P 500 81.4 4 16 5.9 +0.3
VOO Vanguard S&P 500 ETF 81.4 3 17 6.0 +0.4
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 81.1 20 0 5.9 +0.3
SPXE ProShares S&P 500 Ex-Energy 80.8 27 -7 5.9 +0.2
PBUS Invesco PureBeta MSCI USA 79.8 4 16 6.0 +0.3
VV Vanguard Large-Cap ETF 79.6 4 16 5.8 +0.2
BBUS JP Morgan Betabuilders U.S. Equity 79.2 2 18 5.9 +0.2
SPLG SPDR Portfolio Large Cap 79.1 3 17 5.8 +0.1
SPXN ProShares S&P 500 Ex-Financials 78.5 27 -7 5.9 +0.3
SPXV ProShares S&P 500 Ex-Health Care 77.9 27 -7 5.7 +0.1
SCHX Schwab U.S. Large-Cap 77.3 3 17 5.8 +0.2
PRID InsightShares LGBT Employment Equality 77.3 65 -45 5.4 -0.3
SNPE Xtrackers S&P 500 ESG 76.4 11 9 5.8 +0.2
IWB iShares Russell 1000 75.9 15 5 5.7 +0.1
VONE Vanguard Russell 1000 75.7 12 8 5.8 +0.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Goldman Sachs JUST U.S. Large Cap Equity
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 17.2 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 5.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.49 CATEGORY
AVERAGE
1.56
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.